Question

If I file my federal return one day after the tax deadline, will I have to pay a tax deadline penalty or interest?

Answer

If you owe tax, you usually will. However, you won’t pay a late taxes penalty or interest if you’re:

  • Receiving a refund
  • Outside the country while serving in the military
  • Living in a federally declared disaster area

If you have a balance due, the IRS can assess both of these:

  • Late-filing penalty — 5% of the balance due per month up to 25%
  • Late-payment penalty — 0.05% (or part of a month), up to 25% of the tax due

The IRS charges interest on unpaid tax from the return’s due date until the date of payment.

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